Thursday, 2 February 2012

In November we discussed Virgin Group purchasing British bank Northern Rock. We asked if Virgin would retain the Northern Rock name or rebrand the acquisition as Virgin Money. Recent television adverts aired in the UK suggest that the new business will be rebranded as Virgin Money. In fact Sir Richard Branson visited the first newly rebranded branch of Northern Rock, in Northumberland Street Newcastle, on the 9th of January. There are 75 Northern Rock branches to be rebranded.

Virgin Money TV adverts are centred on the Virgin brand and its history. This is an example of a business using its Brand Equity http://www.learnmarketing.net/branding.htm to launch a new business. Virgin is an established international brand which began life in 1970. They now own more than 300 companies around the world. Use of the Virgin name for a new business is designed to reassure consumers that they are dealing with a company they already know and trust. It also sends out a message that they are versatile enough to make a new business stream successful. The attached article provides more information on branding including brand equity and branding strategies http://www.learnmarketing.net/branding.htm .

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